Saturday, March 11, 2017

Oil No Bid Market. Deja Vu

The U.S. Oil ETF embeds the futures rollover created losses:
...Now having wiped out nearly all gains since the OPEC deal was signed on December 3rd. The last time oil fell this hard on volume and rate of change was one year ago February, when the front-month crashed into the Cushing spot market at $26/bbl WTI...

Meanwhile, updated yesterday, net spec crude futures positions have dropped from last week yet remain almost 100% higher than at the OPEC meeting in December (circled):

Junk bonds are falling in synch with oil, since junk bonds just refinanced the entire shale sector: